DKK Partners Obtains Initial Approval from Dubai VARA

DKK Partners, a London-based emerging markets foreign exchange liquidity provider, has received an Initial Approval from the Dubai Virtual Assets Regulatory Authority (VARA) to offer regulated virtual asset services in the region.

According to the company, it will continue to work towards obtaining a full Virtual Asset Service Provider (VASP) licence from the Dubai regulator so that it can provide corporate and institutional clients in Dubai and the UAE access to stablecoin solutions leveraging blockchain technology.

Khalid Talukder, Co-Founder and CEO of DKK Partners, commented: "It is an incredibly exciting time for DKK in the Middle East and securing the VARA Initial approval will enable us to continue making a splash in the region. Our expansion to Dubai last year was a huge success and we're looking to extend our influence in the market by strengthening our compliance and innovation in the Virtual Asset space. This license is a game-changer for DKK and the digital asset landscape in Dubai empowering businesses to confidently engage in blockchain technology, benefiting from the stability of stablecoins and the regulatory framework."

Victoria Albergini, Director of Partnerships Emerging Markets at DKK Partners, added: "Since our launch last year, DKK Dubai has gone from strength to strength and is now in a prime position in the rapidly evolving digital asset landscape. The VARA initial approval enhances our ability to serve the unique needs of corporate and institutional customers."

As part of its global expansion strategy, DKK Partners established a new office in the Dubai​ World Trade Centre last February. The company's move to Dubai aligns with the growing trend of financial services and digital asset companies flocking to the region due to improved regulations, policy support, and infrastructure. Recently, Doo Group, a prominent financial services group, opened two new offices in Dubai, and Match-Prime and Match-Trade Technologies​ collaborated to establish their new Dubai offices.

Moreover, the leading crypto exchange OKX obtained a VASP license in Dubai last month and can begin operations once all remaining conditions and localization requirements specified by VARA are met.